Sales Tax Help

kwteng2kwteng2 Member Posts: 12
edited May 2016 in Dodge
Hi, how do you figure out sales tax on a lease? I live in NY and currently have a deal on the table but sales tax seems off. Sale price is 36,868
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  • kyfdxkyfdx Moderator Posts: 269,274
    kwteng2 said:

    Hi, how do you figure out sales tax on a lease? I live in NY and currently have a deal on the table but sales tax seems off. Sale price is 36,868

    In NYS, take the sum of your lease payments, plus any taxable amounts paid upfront (cap cost reductions, acquisition fee, etc), and multiply by the tax rate. That amount is paid upfront to the state. You can pay that amount, or roll it into the CAP cost and monthly payment.

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  • Mr_ShiftrightMr_Shiftright Member Posts: 64,481
    New York is a bit peculiar--it's one of the few states that requires you to pay the entire sales tax up front, rather than as part of each monthly payment. Is that what's confusing you?
  • kwteng2kwteng2 Member Posts: 12
    Well do you pay state and county tax rate or just the state
  • MichaellMichaell Moderator Posts: 266,275
    kwteng2 said:

    Well do you pay state and county tax rate or just the state

    The total tax rate should include both state and county level assessments. It varies, of course, but I've seen 8.875% in and around NYC.

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